Sydney - Monday - January 19: (RWE) - National Australia Bank...

Sydney - Monday - January 19: (RWE) - National Australia Bank
has increased its pre-tax loss due to "the removal of fictitious trades
from the foreign currency options portfolio" to $185 million, from the
original estimate of $180 million, following a detailed investigation.
Chief executive Mr Frank Cicutto said foreign currency options
would continue to be a part of the bank's Markets business.
"In view of the unauthorised activity that has occurred in this
portfolio, the National is undertaking a market revaluation of the
remaining portfolio to ensure it conforms with our policies," he said.
"Our initial view indicates that this revaluation will lead to
additional losses.
"Based on our work to date, there is a very low probability that
the total losses will be as high as market speculation of $600 million.
"We expect to provide a further update on this matter by the end
of the week," Mr Cicutto said.
NAB shares fell 17c to $29.75 in early dealings today.